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Shanghai’s new online economy is booming

Shanghai's new online economy is booming
Shanghai's new online economy is booming

Shanghai’s new online economy is booming

Internet-related businesses, games, electronic payments and electronic literature promote consumption. One year after the city government issued guidelines to promote the development of the industry, Shanghai is consolidating its position as an online new economic hub.

According to a recent report, the big city sees Internet-related businesses as the cornerstone of economic growth over the past year and finds itself in a leading position in several key areas, from digital payments to online literature.

Shanghai released the “New Online Economy 2020” white paper, and the city launched an event with the theme of information consumption as a pillar of the city’s 5-5 shopping festival to increase spending.

The report found that despite COVID-19. Shanghai’s software and information service industry’s added value during the holiday period increased by 13.5% year-on-year. accounting for 11.5% of all the increased output of the entire service industry.

In addition, Shanghai is now 21 of the top 100 Internet companies in China. By the end of October, 84,000 companies engaged in cross-border e-commerce. Which greatly promoted the exports of small and medium-sized Chinese companies during the pandemic.

The city also shows the flexibility of market segments: it occupies 60% of the third-party payment market. 70% of local life services, 90% of online literature and 30% of online games.

Vice Mayor Wu Qing said at the ceremony on Monday.

Shanghai’s goal of building an international consumer center should also include information consumption. “We should prioritize the development of 12 areas including the industrial Internet, online healthcare, distance education, and grocery e-commerce. New online economy.”

The Shanghai municipal government released an action plan in April last year to develop the city’s new online economy. The plan roughly refers to the use of technologies such as artificial intelligence. 5G networks and big data to transform and empower traditional industries.

This one-month holiday, from Monday to June 17, will showcase many new technologies and business models applicable to all walks of life.

In addition to hundreds of events, a virtual evening held on the opening night. Influencers promoted information-related products and services. Such as cloud computing, SaaS (software as a service), and online cultural and entertainment products.

China’s largest telecom operator, China Mobile’s Shanghai branch, is providing substantial subsidies for individuals to purchase 5G smartphones. Such as high subsidies and preferential after-sales services. The company launched edge-to-edge 5G network slicing technology on Sunday, which can help companies and governments optimize their industrial applications.

Liang Changlin, the founder and CEO of Dingdong Maicai, a grocery store electronics retailer.

Believes that Internet technology will definitely change the traditional industries that were previously operated by intuition.

He said: “For example, big data can predict customer needs and calculate the best route in real time to ensure smooth and timely delivery to your door.”

Zhan Yiqiang, co-founder and chief operating officer of United Imaging Intelligence said: “As a medical AI company. We do find it necessary to use Internet technology to support traditional industries.

The company now cooperates with about 300 medical institutions across the country to conduct inspections and help doctors find neglected fractures during X-ray examinations. He said: Next, we expect to use more innovative technologies. Such as 5G to completely change the entire workflow of the hospital and improve operational efficiency.

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Written by Hüseyin Ali

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